·Individual, Hindu Undivided Family, Association of Persons, Body of Individual
Income shall be taxable at the slab rates given below:
If total Income upto 1,60,000 NIL
On next 3,40,000 10%
On next 3,00,000 20%
On Balance amount 30%
·Resident woman below the age of 65 years
If total income is upto 1,90,000 NIL
On next 3,10,000 10%
On next 3,00,000 20%
On Balance amount 30%
·Resident individual of the age of 65 years or more
If total income is upto 2,40,000 NIL
On next 2,60,000 10%
On next 3,00,000 20%
On Balance amount 30%
No surcharge is applicable for individual, HUF, AOP, BOI and partnership firm. Domestic Company has to pay surcharge @ 7.5% if total income is exceeding `100 lakhs and foreign company has to pay surcharge @ 2.5% if total income is exceeding `100 lakhs
